by Emmanuel Bouhalakis
As the new bailout package, lower interest rates and longer repayment periods were announced to Greece yesterday , many sighed with relief. It seems that after months of negotiations, indecisiveness, delays and small talk, the EU leaders finally realized that the debt problem of Greece has some deeper implications for other countries as well. Only recently, the "Economist" blasted Italy for its financial problems insinuating that they as well may be the next to seek a bailout and at this time the sum would be many hundreds of billions of euros posing an immediate and grave danger to the Eurozone cohesion.
By securing the Greek economy in the short and middle term, the EU leaders (especially Angela Merkel and Nicholas Sarkozy) understood that the doom prophets of various centers of power who predicted with total certainty that Greece would default, must be stopped before their contagious analyses spread throughout the entire Eurozone.
Those doom prophets, of course, will only stop their rhetoric momentarily. Soon enough they will start unleashing their poisonous darts against Greece once again, knowing that the country has had a bad history of implementing fiscal transparency and the "Greek statistics" was a popular punch line among economists. Also, they may insist that the measures voted by the Greek parliament will never be fully implemented as society will annul them with violent demonstrations.
The Greek government, in order to prove these theorists wrong, ought to simply cooperate with the EU and IMF officials and try its best to implement as many reforms as humanly possible. Obviously the doom prophets find it very easy to draw charts and play with numbers but real politics involves the individual as a human being not a statistical value and the EU is supposed to have been built on human values apart from market ones.
The resolve of the Greek government to promote transparency and competitiveness and the further strengthening of investments which will create new jobs can ensure that, although slowly, the Greek economy will stabilize and recover.
In the meantime, the doom prophets had better start occupying themselves with the end of the world in 2012 as predicted by the Mayan calendar.
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